Orlando, FL 12/16/11 (StreetBeat) -- After announcing that the first group of spinal cord injury patients in an early-stage trial received its transplanted neural stem cells, StemCells Inc. said Thursday that it will sell more common stock and warrants.Newark-based StemCells (NASDAQ: STEM) said it would use the money for working capital and operations, including product development. The company did not say how many shares and warrants would be issued but said it is under a current shelf registration.
StemCells stock fell 7.3 percent Thursday to $1.40 per share and was down another 13.5 percent, to $1.21, in after-hours trading.
The move follows disclosure by StemCells earlier Thursday that neural stem cells, extracted from fetal brain tissue, had been successfully transplanted in three patients classified as having the most chronic spinal cord injury.
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